Assessment 3 - COVID-19 Video (Updated)

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ASSESSMENT 3: COVID-19 VIDEO Course Code Student Name S-number
INTRODUCTION • COVID-19 had devastating impacts on households. • Financial impacts were largely felt in Australian households. • This presentation discusses COVID-19 pandemic impact on the financial wellbeing of a model household and LGA being Maryborough. • The model household is a family of 35 & 31 years with 2 dependents with 7 & 3 years.
2020-2021 EXPENDITURE AND INCOME • Household income before 2020 per week was 14.7% and personal income was 13.5%. • Median personal income in 2021 was $27,716 per year. • Total median annual income for a family in 2021 was $67,236. • Unemployment, housing rent, and cost of living heightened due to COVID-19 (Horne et al., 2021). • Personal earnings in 2020 for individuals between 25- 44 years was $20,800 to $51,999
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CONT.’ • Mortgage payment heightened after the pandemic. • It rose from $350 in 2020 to $1,300 in 2021 monthly. • Median rent per week in Maryborough for a 3 bedroom house in 12 months is $410 weekly in 2021 compared to $300-399 weekly in 2020 • This increases cost of housing for a household with four members (Horne et al., 2021). • Reduced employment rates coupled with high cost of living increased rent in the household of 4 due to COVID-19.
3-POINT PLAN FOR THE HOUSEHOLD • Financial wellbeing define adequate access to finances to gather for essential needs in the household. • Families opted to reduce expenses and improve savings during challenging times like the COVID-19 period (Horne et al., 2021). • A household of four can pull resources together to pay for a mortgage. • Paying for rent and other household needs with school for the children is costly. • First, buying a mortgage reduces expenses significantly (Parsell et al., 2020).
CONT.’ • Secondly, they should focus on more savings. • Savings allow security for emergencies and other non- planned wants. • It allows them to plan for their annual budget, especially in procuring an asset or clearing financial needs for the 7 and 3 year old. • Third is to effectively manage their risks. • Constructive borrowing and planning is crucial (Horne et al., 2021). • Effective management of risks through insurance coverage and protection is essential to limit spending.
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EFFECTIVE SOLUTION BY LOCAL COMMUNITIES • Initiate a housing program to house the vulnerable. • Housing costs more in the region increasing expenses of the vulnerable population (Clarke et al., 2020). • Provision of housing through affordable housing program allows the vulnerable to pay for mortgage and own a house (Parsell et al., 2020). • Weekly or annual payments on housing increases their expenses. • Access to housing enable them to focus on other needs (Mendes & McCurdy, 2020).
CONCLUSION • COVID-19 affected households in Maryborough significantly. • They incurred financial burden due to limited employment, high cost of living, and inadequate access to housing. • 3-point plan focuses on encouraging payment of mortgage instead of rent, promoting money saving culture, and minimizing risks by accessing insurance cover and protection. • These counter expenses while increasing access to housing. • Effective solution is to initiate a housing project in the local community to support the vulnerable.
REFERENCES • Clarke, A., Parsell, C., & Vorsina, M. (2020). The role of housing policy in perpetuating conditional forms of homelessness support in the era of housing first: Evidence from Australia. Housing Studies , 35 (5), 954-975. • Horne, R., Willand, N., Dorignon, L., & Middha, B. (2021). Housing inequalities and resilience: the lived experience of COVID- 19. International Journal of Housing Policy , 1-25. • Mendes, P., & McCurdy, S. (2020). Policy and practice supports for young people transitioning from out-of-home care: An analysis of six recent inquiries in Australia. Journal of Social Work , 20 (5), 599- 619. • Parsell, C., Clarke, A., & Kuskoff, E. (2020). Understanding responses to homelessness during COVID-19: an examination of
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